From XU Magazine, 
Issue 35

3 HR Metrics You Need to Track

Unlock the Power of Your HR Data Today!

Well run businesses need to incorporate HR data into their decision making. So what areas of HR should you be using data to track?
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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1. Employee Retention & Turnover

At the forefront of any successful company is its ability to retain its people. “Employee retention” is arguably the most important piece of HR data to be analysed by leaders. In fact, we often say that retention is the highest form of recruiting.

One method to assess your company’s employee retention strategy is to observe your employee turnover rates and the reasons employees leave. HR Partner has a reporting chart to track your company’s turnover rates and trends of termination reasons.

2. Time to Hire

Attracting and recruiting the right talent is a top priority for almost all organisations, and one key metric to analyse is “time to hire.” This important data point measures the number of days that pass from the initial contact with a job candidate to the moment they accept your job offer.

By tracking this metric, you can gain insights into the effectiveness of your recruitment efforts and the efficiency of your hiring managers. For instance, a lengthy “time to hire” may indicate a need to streamline your hiring process or to improve communication with candidates. Importantly, it often means that the best candidates will be offered other positions and you’ll have to select from a reduced pool of applicants.

HR Partner has a built-in Applicant Tracking System that enables you to see this data as soon as you view your Recruiting Dashboard.

3. Compliance Reporting

One of the most critical functions of HR teams is compliance reporting, which ensures that your employees have the necessary training and documentation to comply with internal policies and industry regulations. With an ongoing “compliance reporting” process in place, HR teams can identify and address any potential gaps before they become issues.

This proactive approach is crucial for mitigating risks and protecting your organization from potential fines and lawsuits. By regularly monitoring compliance metrics, you can gain insights into areas where additional training or policy updates may be needed, and take corrective actions as necessary.

Within HR Partner, you can store your employees’ renewable documents – including certificates, forms of identification, work visas, and more. But importantly, you can also run a report to see which employees are missing a specific type of document. This report gathers informational data to assess if any of your employees need to deliver updated documentation in order to stay compliant with your organisation, as well as remind you of any renewable documents which need to be renewed.

You can also use checklists to require that all new employees upload these important files at the beginning of their employment, and on an annual basis for all employees. HR Partner has flexible reports so that all of your HR data that can be exported for further analysis.

Data reporting can be intimidating, but it doesn’t have to be and if you’re not measuring at least these 3 key metrics, you’re doing your business a disservice.

Why leave it there?

To find out how to effectively manage your employee records and streamline your HR operations

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